Inequality, redistribution and growth: Theory and evidence

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Tilburg University

Inequality, redistribution and growth Haile, D.

Publication date:

2005

Document Version

Publisher's PDF, also known as Version of record

Link to publication in Tilburg University Research Portal

Citation for published version (APA):

Haile, D. (2005). Inequality, redistribution and growth: Theory and evidence. CentER, Center for Economic Research.

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DE 5 3 " 3 " 9 # :$ " ! " $ % " ! " $ -0.4 -0.2 0 0.2 0.4 0.6

DicLo (average grow th = 0.13)

O bs er ve d gr ow th - N as h gr ow th -0.4 -0.2 0 0.2 0.4 0.6

NatLo (average growth = 0.16)

DicHi (average growth = -0.07)

NatHi (average grow th = 0.11)

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,-5 3 " $ . 3 " -5 $ ? 5 J $ ++* "= D* ; 5 - $ ; -+* " = H* ; 5 + $ 4 " 5 - $ ; " 5 + $ % 5 - 5 +$ ? & ; - " " J -$ . & " " 5 - 4 % " $ / ; - 5 - . $ ( & ; 5 - 4 % - . $ 5 - 4 % - . $ 6 5 $ 4 5 - 4 % - &$ /" " " M - N$ 5 - 4 % D 5 $ 5 " " " " J + $ 9 : + " # 5 " " $ # " # 5 3 " " " $ ? - " " $ & #

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PAYOFF SHEET LEFT START CAPITAL (220, 40, 40)

Payoff tables, if your 1st_{choice was A}

PAYOFF SHEET CENTER START CAPITAL (220, 40, 40)

If 1st_{period choice was Reset}

PAYOFF SHEET RIGHT START CAPITAL (220, 40, 40)

Payoff tables, if your 1st_{choice was B}

If 1st_{period choice was (A, A, A)} _{If 1}st_{period choice was (B, A, A)}

Red Green Blue Red Green Blue Red Green Blue Red Green Blue

A A A 44 26 26 A A A 39 34 34 A A B 84 35 19 A A B 78 44 27 A B A 84 19 35 A B A 78 27 44 A B B 123 28 28 A B B 117 37 37 B A A 36 35 35 B A A 32 44 44 B A B 76 43 28 B A B 71 54 37 B B A 76 28 43 B B A 71 37 54 B B B 116 36 36 B B B 110 47 47 Reset 20 12 12 Reset 13 18 18

If 1st_{period choice was (A, A, B)} _{If 1}st_{period choice was Reset} _{If 1}st_{period choice was (B, A, B)}

Red Green Blue Red Green Blue Red Green Blue Red Green Blue Red Green Blue Red Green Blue

A A A 81 35 19 A A A 20 12 12 A A A 77 43 27 A A B 127 44 11 A A B 56 18 5 A A B 122 54 19 A B A 127 27 26 A B A 56 5 18 A B A 122 35 36 A B B 173 36 18 A B B 93 12 12 A B B 167 46 28 B A A 73 44 26 B A A 13 18 18 B A A 69 54 36 B A B 119 54 18 B A B 50 25 12 B A B 114 65 28 B B A 119 36 34 B B A 50 12 25 B B A 114 46 44 B B B 165 46 26 B B B 87 19 19 B B B 159 56 36

Reset 56 18 5 Reset 0 0 0 Reset 50 25 12

If 1st_{period choice was (A, B, A)} _{If 1}st_{period choice was (B, B, A)}

If 1st_{period choice was (A, B, B)} _{If 1}st_{period choice was (B, B, B)}

A A A 119 27 27 A A A 115 35 35 A A B 171 36 18 A A B 166 45 27 A B A 171 18 36 A B A 166 27 45 A B B 223 27 27 A B B 217 36 36 B A A 110 36 36 B A A 106 45 45 B A B 162 44 27 B A B 157 55 36 B B A 162 27 44 B B A 157 36 55 B B B 215 36 36 B B B 208 46 46 Reset 93 12 12

The tables on the left and right -hand side are decisive for your payoff if

there has been no reset in the 1st_period.

If there has been a reset, the CENTER table determines your payoff. The last row of any table will be the payoff if

there has been a reset in the 2nd_period.

Letters in the rows are 2nd_-period

choices of you and your group members Green and Blue; Numbers are the corresponding payoffs for you,

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PAYOFF SHEET LEFT START CAPITAL (120, 90, 90) Payoff tables, if your 1st_{choice was A}

PAYOFF SHEET CENTER START CAPITAL (120, 90, 90) If 1st_{period choice was Reset}

PAYOFF SHEET RIGHT START CAPITAL (120, 90, 90) Payoff tables, if your 1st_{choice was B}

If 1st_{period choice was (A, A, A)} _{If 1}st_{period choice was (B, A, A)}

If 1st_{period choice was (A, A, B)} _{If 1}st_{period choice was Reset} _{If 1}st_{period choice was (B, A, B)}

Red Green Blue Red Green Blue Red Green Blue Red Green Blue Red Green Blue Red Green Blue

A A A 76 65 40 A A A 24 21 21 A A A 71 82 58 A A B 103 86 32 A A B 44 36 15 A A B 97 106 50 A B A 103 56 58 A B A 44 15 36 A B A 97 73 78 A B B 131 77 50 A B B 64 30 30 A B B 123 97 69 B A A 68 86 58 B A A 18 36 36 B A A 62 106 78 B A B 95 107 50 B A B 38 51 30 B A B 88 129 69 B B A 95 77 75 B B A 38 30 51 B B A 88 97 98 B B B 122 98 67 B B B 58 45 45 B B B 114 120 89

Reset 44 36 15 Reset 0 0 0 Reset 38 51 30

If 1st_{period choice was (A, B, A)} _{If 1}st_{period choice was (B, B, A)}

If 1st_{period choice was (A, B, B)} _{If 1}st_{period choice was (B, B, B)}

A A A 99 58 58 A A A 93 76 76 A A B 129 78 50 A A B 123 99 67 A B A 129 50 78 A B A 123 67 99 A B B 160 70 70 A B B 153 89 89 B A A 90 78 78 B A A 84 99 99 B A B 121 98 70 B A B 114 121 89 B B A 121 70 98 B B A 114 89 121 B B B 151 89 89 B B B 143 112 112 Reset 64 30 30

The tables on the left and right -hand side are decisive for your payoff if there has been no reset in the 1st_period.

If there has been a reset, the CENTER table determines your payoff. The last row of any table will be the payoff if there has been a reset in the 2nd_period.

Letters in the rows are 2nd_-period

choices of you and your group members Green and Blue; Numbers are the corresponding payoffs for you,

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) Black Low (BL) Black High (BH) White Low (WL) White High (WH)

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! " # # $ % CE Investing subjects: 0 20 40 60 80 100 BL BH WL WH BL WH BL BH WL WH BL BH WL WH Returning subjects A ve ra ge a nt ic ip at ed re tu rn (% )

Black Low (BL) Black High(BH) White Low (WL) White High (WH)

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CF Returning subjects: 0 20 40 60 80 100 BL BH WL WH BL WH BL BH WL WH BL BH WL WH Recieving subjects A ve ra ge a m ou nt re tu rn ed ( %

) _{Black Low (BL)} _{Black High(BH)} _{White Low (WL)} _{White High (WH)}

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! " # # $ % CH Anticipating subjects: 0 20 40 60 80 100 BL BH WL WH BL WH BL BH WL WH BL BH WL WH Sending subjects A ve ra ge a nt ic ip at ed a m ou nt se nt (% )

Black Low (BL) Black High (BH) White Low (WL) White High (WH)

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! " # # $ % F, A transfers 0 2 4 6 8 10 12 14 16 18 20 A retains 20 18 16 14 12 10 8 6 4 2 0 B receives 0 6 12 18 24 30 36 42 48 54 60 B has 20 26 32 38 44 50 56 62 68 74 80 B transfers ↑ ↑ ↑ ↑ ↑ ↑ ↑ ↑ ↑ ↑ ↑

Please, fill in a transfer to A in each of these empty cells.

Make sure that the transfer you fill in is not greater than the amount in the cell immediately above it.

@ 3 & [[[[[[[

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(

& > $ ;4 ;. ?4 ?.

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?. +H$,* D-$*) +E$*E )+$E+ )*$EC

( (

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?. C-$+, C*$** DE$,* ED$** ,C$),

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;4> =;4;. --$), R*$),DS =C$-D R*$EE*S D$DD R*$,F*S *$** R*$F+*S

;4> = ;4?4 -D$E* R*$+DHS =E$FE R*$D-*S =C$+ER*$)+*S -*$** R*$D-*S

;4> =;4?. +C$** R*$*-FS<< =C$HE R*$DH*S F$*+ R*$+,*S F$E, R*$)C*S

? 4 9?4:

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?4> =?4?4 D$+H R*$***S<<< *$+, R*$F+-S =*$)H R-$***S -F$,- R*$-HDS ?4> =?4;. D+$F, R*$**CS<<< -+$HC R*$-*CS E$-E R*$,+ES +D$+HR*$+C*S

?4> =?4;4 -+$,* R*$F**S H$+, R*$DFCS =-$*E R*$CFCS +$,* R-$***S

? . 9?.:

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?.> =?.?. D$D- R*$,ECS =D$HF R*$DEES =-$-E R*$H+*S D$H* R*$H,)S

5 9 " :

3 " $ " 0 =? =

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! " # # $ % FH ;D$ ' 5 3 5 " " " " $ " 3$ ( 3$ 3$ 5 ; 4 9;4: ;4> = ;4;4 -$)* 9*$--C: +$,D 9*$)D*: -$H+ 9*$-*C: ;4> =;4;. *$)H 9*$C)-: E$H+ 9*$**-:<<< =D$-, 9*$*-*:<<< ;4> = ;4?4 -$ED 9*$*-F:<<< ,$H* 9*$*EH:< )$F+ 9*$*ED:< ;4> =;4?. =D$-F 9*$***:<<< =-+$)* 9*$**-:<<< =F$+D 9*$***:<<<

? 4 9?4:

?4> = ?4?. =)$-F 9*$D+F: *$** 9*$E)): =*$*+ 9*$,)H:

?4> =?4?4 +$*, 9*$**):<<< *$E* 9*$H+E: -$)E 9*$D-+: ?4> =?4;4 =D$FH 9*$*+H:<< E$*E 9*$+**: -$*H 9*$FFC: ? . 9?.: ?.> =?.;4 ,$C) 9*$***:<<< -D$*- 9*$***:<<< H$F+ 9*$***:<<< ?.> ?.;. -$F- 9*$*-*:<<< =+$DF 9*$++): =*$)) 9*$EEE: ?.> =?.?4 =*$*) 9*$-,H: )$*D 9*$HD,: -$,- 9-$***: ?.> =?.?. =*$CF 9*$,+H: *$*+ 9*$E-E: *$*- 9*$EEF: 5 " O&%W " " " " " $ " = 0 =? = Z ZZ ZZZ # -*K ,K -K $

Amounts available in South African Rand

80 74 68 62 56 50 44 38 32 26 20 A m ou nt re tu rn ed a s a pr op or tio n of a va ila bl e am ou nt 1.4 1.2 1.0 .8 .6 .4 .2 0.0 -.2

Amounts available in South African Rand

80 74 68 62 56 50 44 38 32 26 20 A m ou nt re tu rn ed a s a pr op or tio nf o f a va ila bl e am ou nt 1.4 1.2 1.0 .8 .6 .4 .2 0.0 -.2

Amount returned of subjects for each available

amount under no Information. Amount returned of subjects for each available amount under complete Information.

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H* 1-$ ' # "" 2& &;4 ( 0 ( ' ' # >' *$DE) *$D,* ' "" - 0 &1 *$D,H *$DHF ' "" - ? >1/0 *$CDC *$DEH ' "" - " " ' 1& /> *$DC, $,** ' "" -1 /> +$F,* *$FCH 3 " / / > @ *$DEH *$,** ' "" - ( >' Y *$E*C *$E*E 3 (( >1/0 =. / *$,)D *$,** ' "" - " 5 " &1 =. / *$DEH *$,** ' "" - " 5 &0/ > ( > *$D,- *$)+- &" > & / *$+F, *$++D &" " 3$ *$)CE *$+*E 3 " 3$ *$C*C *$)-- 3 " "

(/1 &4 ' ( &>1 *$+,* *$D)) " >1/0 =. / 3 &1 =. /

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'-$ ' =1 " &" (

- + ) D ,

1/>( &> *$,DE *$,+, *$DH) *$C*D *$-HF

9*$*FH:<<< 9*$---:<<< 9*$-*H:<<< 9*$-F-:<<< 9*$-EC:

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9*$*E-: 9*$*E-: 9*$*CH: 9*$*ED: 9*$*C):

>1/0 =*$-C- =*$-DD =*$*C+ =*$*,* =*$-+D

9*$*F-:<< 9*$*F+:< 9*$*FC: 9*$*H-: 9*$*EF:

&1 *$-+* *$-+E *$*HC *$*F+ *$*DC

9*$*EF: 9*$*EF: 9*$*EE: 9*$*FD: 9*$*E*:

>1/0 =. / *$*,C *$*,E *$*F-

*$-D-9*$*HF: 9*$*HC: 9*$*HE: 9*$*FD:<

&1 =. / *$*)D *$*)D *$*), *$-)E

9*$-*D: 9*$-*- 9*$-*+: 9*$*FF:

(/1 &4 ' ( &>1 =*$-C- *$-EH *$-E- *$*,,

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'+$ ( 1 " > & /

" 9-: " 5 9+:

1 5$ ($ 1 5$ ($

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$

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& $ ' -*E " 5 3 3 5 $ 5 9 $ $ 5 / 5 5 9 % -;: 5 $ γs 0(γu) γu 0(γs) γu t γs t E0 E1 0 γu 1 (γs)

Figure 1A : A sketch of the reaction of the political system with 0 < ττττu_{< l}s_ττττsu γu t γs t E0 E1 0

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--* A B B’ B’’ A’ A’’ C D C’ C’’ D’’ D’ bt h h bt+1 0 b∗ u b∗s

Figure 2. Dynamics of Wealth Distribution

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& $ ' ---, " 7 7 " &; 1' % +$ ? ! 5 = = = H _& D$+$) 5 3 5 " 3 $ " 3 " $ 9 $ 1' % + 1J'J$ 9 9 " 9 $ ( 1J'J 1N'N &; $ > 9 " " " $ &; &J;J " # " $ " " "

" " $ &; 3 " &N;N$ &

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--D

% )$-+

Figure 3. Non-monotonic relationship between growth and tax rate.

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$ ( &- &+ &+

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-+C

Figure 4A. Growth rates of skilled sector under different Distribution of Wealth

68 70 72 74 76 78 80 0 50 100 150 200 Time in Periods gr ow th r at es x 10 00 Uniform Distribution Flatter Distribution

Figure 4B. Tax rates Under different Distributions of Wealth

6 6.5 7 7.5 8 8.5 9 0 20 40 60 80 100 Time in Periods T ax r at es x 10 0 Uniform Distributions Flatter Distributions

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& $ ' -+E

Figure 4D. Number of Unskilled individuals under different Distribution of Wealth

50 52 54 56 58 60 62 Time in Periods U ns ki lle d in di vi du al s Uniform Distribution Flatter Distribution

Figure 5A. Effect of wage increase on growth rates under uniform Distribution 65 67 69 71 73 75 77 79 0 50 100 150 200 Time in Periods G ro w th r at es x 1 00 0 Basic Wage increases

Figure 5B. Effect of wage increase on Tax Rates under Uniform Distribution of Wealth

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-+F

Figure 5C. Effect of wage increase on wage gaps under uniform distribution of wealth

2500 3000 3500 4000 4500 5000 Time in Periods W ag e G ap s x 10 00 Basic Wage increase

Figure 5D. The Effect of wage increase on the evolution of Long run # of unskilled individuals under uniform

distribution 50 52 54 56 58 60 62 Time in Periods U ns ki lle d In di vi du al s Basic Wage Increase

Figure 6. Non-monotonic relationship between growth and tax rate

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,

#

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-CC

Inequality Versus Corruption

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